To constitute interstate sales, one of the basic requirement is that there should be sale. If a person sends goods outside from its state to its branch office in another state then it is not sale because you cannot sell goods to yourself. Similarly if a dealer sends goods to its agent in another state who stocks and sells goods on behalf of the dealer, such agent is called consignment agent and such stock transfer is also not considered as interstate sales since there is no sales involved in it, sales will take place when such agent will sell goods. But to prove such stock/branch transfer, F form is required to be produced as proof.» Read more

Those who deposited cash of Rs 2 lakh and more in their accounts during the demonetisation drive will have to make a declaration in their income tax returns for the fiscal year that’s just ended, as a follow up to the government’s efforts to eliminate black money through the note-swap exercise.